But what if a uniform ID system does not exist, or if more than one ID system exists? Or what do you do with members of the population that have not yet received their ID documents in countries where issuing of ID documents are slow or inefficient? Or what do you do if a large percentage of ID documents are fraudulent or not trustworthy? This is the case in many emerging markets.
Not having a plan in these situations means that a large percentage of the target market cannot be served, or on the other hand, not having a robust KYC solution could detrimentally impact the basis of the integrity of your system. These are some of the challenges that robust platforms for mobile money must be capable of solving. Solutions usually cater for this by a combination of the following:
- Catering for multiple different ID document systems on the same platform, building a trusted view of the prospective customer's identity.
- Providing support for identifying individuals by means of verification by trusted subscribers already registered on the system.
- Building verification algorithms to discover potential fraudulent registrations and integrating this into the compliance policy.
- Managing validity terms of ID verification.